Frederick County Homebuyer Assistance Program- Apply Now!

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1. Apply Here: Complete the form at yourhomepurchase.org/contact-us, and expect a response within the hour. 📝
2. Loan Application Process: A licensed loan officer will guide you through completing the loan application. 🏦
3. Required Documents: Prepare the following documents for submission:
   
   • Photo ID 📸
   • Social Security card 🔍
   • Two months' most recent bank statements (all pages) 💳
   • Thirty days' most recent paystubs 💰
   • 2022 W2 📑
   • 2023 W2 📑

1. Income Verification: Your paystubs will be reviewed initially to determine eligibility for the HAP program. 💼
2. Credit Check: Upon meeting income requirements, a tri-merge credit report (Transunion, Experian, Equifax) will be conducted. 💳
3. Credit Review: Your credit report will be reviewed with you to ensure accuracy of score, accounts, and tradelines. 📊
4. Pre-Approval: Upon successful review of income documents, you will receive a mortgage loan pre-approval. ✅
5. Homebuyer Assistance Program Enrollment: Once income and credit qualifications are met, you'll be connected with a HUD-approved counseling agency. 🏠
6. Group Counseling Session: Attend a group counseling session either in person or online, covering key homeownership components such as budgeting, foreclosure, property tax, homeowners insurance, and credit importance. 🗣️
7. One-on-One Counseling: Following the group session, participate in a personalized counseling session. Upon completion, receive a certificate signifying program completion, indicating readiness to embark on your home search. 🎓

🏠 You're now prepared to find your dream home! Happy house hunting! 🏠🔍🎉

🏡 Homeownership Program Eligibility Criteria 🏡

To qualify for our exciting homeownership program, applicants must meet the following requirements:

🏠 Residency Criteria:

• Currently reside and/or work within Frederick County.

🔑 First-Time Buyer Status:

• Must be a first-time homebuyer or not have owned residential property within the last three years.

🏠 Primary Residence:

• Intend to occupy the purchased home as your primary residence.

💰 Income Limit:

• Total gross household income must be at or below 80% of the median income limit for the Washington MSA.

🎓 Education Requirement:

• Completion of mandatory homebuyer education from a HUD-approved Housing Counseling Agency.

🏦 Mortgage Approval:

• Obtain approval for a minimum 30-year fixed-rate mortgage.

💼 Other Conditions:

• Loan repayment upon sale or transfer of property title or when the property is no longer the primary residence.
• Lead paint risk assessment inspection required for pre-1978 homes; remediation required if lead is found.
• Home inspection and one-year home warranty are mandatory.
• Co-signors not permitted; all applicants must occupy the property.
• Minimum of $500 in own funds required for home purchase, including POC (out-of-pocket) items.

💡 Additional Benefit for Low-Income Applicants:

• Applicants with a gross household income below 50% of the Area Median Income (AMI) may be eligible for up to $12,000 in assistance.

🎉 Take the first step towards homeownership with us! 🎉